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Remain flat

Remain flat | 13 July 2023

13 July 2023, USD/JPY

Technical observation

USD declined steadily for several days and broke below the supportive zone 138.93-138.64, right now the price is trading with an increasing bearish bias and I expect a loss of this downwards movement followed by a correction to the zone indicated above. My advice, remain flat and wait for a second retracement to the zone 138.93-138.64 to pick short positions with your take profit at 130.63 and stop-loss at 140.36. In case of a clear break below the level 130.63, wait for a correction and a bounce at it before you continue short towards the level 127.21. On the chart above, as long as USD is sustained below the zone 138.93-138.64, I can only recommend bullish positions.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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